So I'm currently rebuilding my credit after I destroyed in 2019. Regret it so bad. Moving forward, I've been working on paying off my charge-offs that have been reporting monthly with the OC to get them settled and help my utilization. But also, I got an Opensky card in 2020 May. with a $200 deposit. They raised my credit limit to $300 back in April. $35 AF but I got it waived going into year 2. No rewards. I also got a Capital One Platinum back in March of 2021 with a $500 Credit Limit. Unsecured. No rewards no AF. & Finally I have a NFCU nRewards credit card with a $200 limit because if my $200 deposit back in April 2021. 1% back in rewards, should upgrade to an unsecured card in November. Just trying to have more accounts to report for my credit. I also have an installment loan on my new vehicle I got last month.
I got an offer in the mail from Mission Lane saying I'm pre-qulaified, $19 AF. $0 Monthly Maintenance Fee $0 Activation/ Startup Fee. No rewards. What should I do? Worth taking it to build credit? Pros/Cons? Experiences? Let me know Please
I wouldn't bite on it. You have 3 revolvers and an installment already, so you're in good shape. Another account reporting will not help boost your scores at all, it will actually drop them in the short term. In the grand scheme of things however, I'd be looking for something to replace that Open Sky account, but I think you should hold off until you're able to do better than Mission Lane. While they're a decent rebuilder card to have, you already have those and don't need to collect more of them. I would try the Discover pre-approval site and see what they offer you. Even if you have to start with a secured card, it can graduate in as little as 7 months. They're a wonderful lender to rebuild with. Also, maybe check your local credit unions to see if they are able to offer you anything of value if Disco is a bust. CUs are always great to have in your corner as well. Good luck with your rebuild!
I understand the appeal of getting prequalifications and invitations when you have not been getting any for a while, but in this case, I don't see a benefit. I'm not saying you should wait many months or years to get more cards, just saying, you don't need that particular card because you already have equivalents. JMO, good luck!
